VIII. The Financial Sector

The local financial sector developed smoothly. By end of 2016, Chinese yuan-denominated deposits in financial institutions across the city grew by 110.21 billion RMB to 854.08 billion RMB, up by 14.8%. Of this total, household savings grew by 5.4% to 336.68 billion RMB. Loans of all the financial institutions in the city grew by 68.86 billion RMB to 604.32 billion RMB, up by 12.9%. Of this total, household loans hit 146.01 billion RMB while loans taken by non-financial companies and other organizations topped 458.23 billion RMB, up by 18.3% and 11.2% respectively.

The local insurance sector enjoyed a steady growth. By end of 2016, insurance companies across the city totaled 68, among which were 28 property insurance companies and 40 life insurance ones. Insurance premium throughout the year surged by 43.6% to 22.49 billion RMB, among which life insurance premium grew by 61.5% to 16.94 billion RMB while property insurance premium increased by 7.4% to 5.55 billion RMB. Insurance companies paid an indemnity of 6.74 billion RMB, up by 22.3% in comparison to 2015. Of this total, life indemnity stood at 3.32 billion RMB, up by 53% whereas property indemnity increased by 2.3% to 3.42 billion RMB.

The local stock market slowed down. By end of 2016, there were 46 securities business offices across the city, managing 1.069 million securities accounts with A shares worth of 119.8 billion RM. The total securities transaction volume in 2016 fell by 39.6% to 1943.9 billion RMB, among which A-share transactions tumbled by 42.4% to 1668.4 billion RMB, B-share transactions surged by 817.7% to 32.1 billion RMB, fund transactions plummeted by 55.4% to 33.44 billion RMB, and bond transactions dropped by 14.0% to 209.96 billion RMB. By end of 2016, there were 43 publicly traded local companies with an aggregate financing of 63.8 billion RMB. Five companies had their Initial Public Offerings (IPO) in 2016, raising a total fund of 1.65 billion RMB.

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